Bloomberg - Evening Briefing - The grim outlook

Rich countries must sign a “historic pact” with the poor over the consequences of global warming or “we will be doomed.” This was the warning of United Nations Secretary-General António Guterres as world leaders gather this weekend for the global climate conference in Egypt. But even the hosts admit it will be the most difficult climate meeting in at least a decade. At least 16 high-level American officials will represent the US, historically the world’s biggest polluter, in a bid to emphasize the Biden administration’s commitment to combat the climate crisis. And while there have been some glimmers of hope in recent years, with accelerating development of renewables and related technology, the inability or unwillingness of many nations to meet their pledges or fund poor nations bearing the brunt has almost guaranteed a grim future for all. Throw in Russia’s war on Ukraine, Vladimir Putin’s cutoff of gas and the resulting re-reliance on dirtier fossil fuels, and the picture just gets darker. Climate adaptation will become increasingly mandatory until enough of the world actually comes around, if not for long after.  

Reclaimed land on the island of Huraa in the Maldives. The Indian Ocean nation is building artificial islands for luxury resorts, saying they’ll finance larger reclamation efforts for its citizens. Photographer: Carl Court/Getty Images

In the Maldives, that’s already happening. In this apex fantasy destination of the global elite, the climate crisis isn’t about public hand-wringing and broken promises: it’s an immediate crisis. The Indian Ocean archipelago is vanishing under rising seas, one island at a time, so the government decided to leverage its luxury status to build artificial islands for even more resorts. The revenue from tourists and taxes, the government contends, will fund new islands for citizens to ride out the decades to come. But environmentalists contend the $1 billion effort is just highly profitable greenwashing for developers, and a massive debt problem for the country. Either way, island nations all over the world face the same threat of climate oblivion—it’s just that most don’t have a tourist economy to fund their defensive measures. —Natasha Solo-Lyons and David E. Rovella

Elon Musk fired half of Twitter’s employees, though some learned they’ll be paid for another two months. As this was happening Friday, Musk conceded that the embattled social media platform experienced a “massive drop” in revenue as many advertisers withdrew.

Twitter was sued over Musk’s plan to terminate almost 4,000 people. Workers alleged in court papers that the company is firing people without enough notice in violation of federal and California law.

Photographer: David Paul Morris/Bloomberg

US businesses reported strong hiring and wage increases in October, although the unemployment rate, which had been at a 50-year-low, climbed, offering a mixed picture as Federal Reserve officials debate how long to extend their campaign to curb elevated inflation.

China is working on plans to scrap a system that penalizes airlines for bringing people infected with the coronavirus into the country, a sign authorities may be looking for ways to ease the impact of Xi Jinping’s “Covid-zero” policy.

The Fed’s latest rate hike will cost Americans with outstanding credit card debt more than $5 billion in additional interest over the next 12 months, according to an estimate from personal-finance site WalletHub.

Stocks rose Friday, with traders weighing mixed jobs figures and awaiting next week’s inflation data for more clues on when the Fed would be able slow down its pace of rate hikes. Here’s your markets wrap.

The Marriner S. Eccles Federal Reserve building in Washington Photographer: Graeme Sloan/Bloomberg

A surge in property tax bills in states like Texas, Florida and Georgia is stinging landlords. Single-family rental company American Homes 4 Rent expects its Texas property taxes will jump more than 20% this year. Rival Invitation Homes said last week that its tax bill this year will climb 7% to 8% due to higher costs.  

Bloomberg continues to track the global coronavirus pandemic. Click here for daily updates.

• “Sloppy” US talk on China’s threat worries some skeptical experts.
• Bloomberg Opinion: Musk’s strategy will make Twitter too clubby.
• Bloomberg Opinion: Is the GOP right about a US crime wave?
• Putin’s retreats in Ukraine are getting harder to explain.
• El Salvador’s $300 million Bitcoin “revolution” is failing miserably.
• Allstate is in talks to return its headquarters to Chicago from the suburbs.
• Auction of Paul Allen’s collection will test billionaires’ buying power.

In the brave, newly transparent world for New York City job seekers, many will still be left wondering: Wait, how much does this role really pay?Employers are testing the limits of a new city law requiring salary ranges on job ads by posting pay ranges more than $100,000-wide. 

Photographer: Victor J. Blue/Bloomberg

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